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Bob is always looking for news about Katy Texas and the surrounding areas. Please e-mail me at bobgilbert2003@msn.com with any news you may feel needs a forum!
What I do as Buyer’s Agent for my Clients

What I do as Buyer’s Agent for my Clients

 

Many of my clients find me through my web site, Active Rain, my blogging site, or a combination of all. Some check me out on other Social media such as Facebook and LinkedIn after finding me somewhere else. I also obtain new prospects from referrals. As a Realtor, the initial contact I try to have at a minimum is a phone call conversion. I start my list of what I do with the phone contact. This will be a long detailed portrayal of what I do as a Buyer’s Realtor in Katy TX but that is my understanding of what we are supposed to provide in this challenge.

1)      The phone contact I introduce myself and gather as much data as possible about the potential client. I ask a lot of personal questions about family size, number of adults, number of children, special needs, etc. I have had a few instances where a person thought I was being too noisy with my questions. The idea is to have the potential client tell me where they are in the home buying process, what they think they want in a home right now, budget for buying a home, requirements of the home and area, real needs they have or think they have. After gathering as much information as possible I tell them I will create a home search for them and they will get an E-mail from me with a link to a web page where all homes currently available that meet their criteria will appear. I try to set up a face to face meeting if possible.

2)      At the first meeting I go through two documents with my potential clients. One is the Information about Brokerage Services ( IBS) which is required by the State of Texas. The second is the Buyer’s Representation agreement where they appoint me as their agent. The IBS discusses the client relationship, the different types of representation and the customer concept. I go through all of this stuff until these folks are satisfied.

3)      I give my clients a 20 plus booklet that goes discusses the entire home buying process from start to finish. I tell them we will discuss these items in the booklet as we actually go through the process. I tell them to read as much as possible and most do not as they rely on me to tell them instead of reading about it. All clients are told that my goal is to make each of them an educated buyer when the process is completed. I have them tell me their timimg for getting moving into a home. I ask if they have a home to sell or a lease to complete or deal with.

4)      I ask if they have a lender and if not I give them several choices including one who is an Active Rain member. I tell my new client since they have now signed the buyer agreement the process of obtaining a new loan and the documentation requirements. The details of what loans are available at what rates are left up to the loan experts as these I believe should be. I do ask about down payment money and closing/prepaid funds just so the client is not surprised when these issues come up with the banker.

5)      I advise my client to get a preapproval letter from one of the lenders.

6)      I take them on a tour of the area showing them the main highlights being schools, shopping, grocery stores, hospitals, etc.

7)      After the meeting and if they have already obtained a preapproval letter I ask them to pick homes to view from the web page I created for them. The starting of home viewing maybe delayed until they have a proper preapproval letter unless I know these folks are relocating and have several lenders waiting in the wings wanting their business.

8)      I try not to pay a lot of attention to the homes they have selected from the internet until I have an opportunity to actually view a new or resale home with my clients prsent. If it is a resale home I tell them the positives and the negatives of the home as we go through it. Items to point out are for example the carpeting is old and needs replacement; walls need painting; the home is a mess; roof looks bad from here; home is out dated; home has been updated; nice granite counter tops, designer appliances are here, etc.

9)      I give one of my clients assuming it’s a couple a clip board and copy of the buyer MLS report. I tell them to write notes about each home they see. I also ask them to rate the home from 1-120 scale with 10 being high. The rating can change as we go on.  Any home rated less than 7 is a no go. I also ask what it would take to get this home rated at to a 9 or 10 level. Sometimes I use the old Ben Franklin make a list of positives and negatives and then let rank both. The means used by me for them to figure out whether the home is for them will depend most of the time on the level of home buyer I have as my client. I find folks who are veteran home buyers already have their own process and I try not to interfere.

10)  As we go through new or resale homes I make mental notes of what these folks really want in a home. I tell them they should be excited to come home in the evening when they are done with work. If the home does not make them feel excited or good inside then this is not the home for them.

11)  I look on my own assuming we have not yet found a home. I look at MLS reports and drive neighborhoods. I use the information I have gathered from our viewing actual homes as a guide. I sometime will attend open houses and preview an interesting home for a client. If something comes across my desk as an E-mail flyer which has a possible home for my clients to consider I call them and inform them about this home. I tell my wife what they are looking for as she sells new homes for a builder and has numerous contacts. If a new home is a possibility I will visit the builders if time permits without my client or I will call them asking for their current available homes.

12)  I suggest we only view 6 or less homes each time we set up time to look. If we are looking new homes I try to keep it to 3 or less builders in one day.

13)  If we find a home my clients really like I tell them we need to come back for a second viewing maybe the next day or within a two or three day period. I always mackle sure they see the home at a minimum two times. If necessary I tell them to go back for the third time.

14)  During the various viewing of homes I go through what I consider key concepts with my clients such as HOA, real estate taxes, home insurance, flood insurance, HUD 1, MUD district, Houston annexation, option period, earnest money, non-realty items, refrigerator does not necessarily  stay with the home, closing process, cash requirements for closing and several other items. I give then copies of various disclosures they will have to initial or sign when we make an offer. The point is to educate the buyer about the whole process as much as possible before we actually write the contract. Sometimes I will give my clients a blank contract to review in advance.

15)  Eventually my clients finally find a home they want to write a contract offer for and we discuss the whole offer process from front to back. I ask and tell them we need to have alternative strategies depending on how things go. I suggest prices for them to consider offering and we go through the other 20 plus items which are negotiable. We discus closing date in detail and figure out if my client or seller will potentially need a temporary lease. I advise them not to close on a Friday or late in the afternoon. I also tell them my theory on pricing and negotiating. We go through the option fee and earnest money once again. I ask them to write both checks as I have to submit copies with any offer.

16)  I try to get all the miscellaneous points agreed to first of all so we can get it down to one or two remaining points needing agreement. With my assistance my clients negotiate with the sellers and we reach an agreement. It has to be a win and win situation for both parties.  

17)  I personally deliver the option fee and earnest money after the contract is executed.

18)  I now go through the process my clients have to take with their lender and with getting the home inspected. We have agreed to a 10 day option period and I like for my clients to get the inspection scheduled as soon as possible. I attend the inspection of resale after I know the inspector has completed his work. I ask questions and write a list of items I want the seller to give us compensation for or fix. I prefer to get money but I have had cases where the water heater was ready to call it quits and we asked the seller to get it replaced.

19)  I share my list with my buyers and tell them we will now ask the sellers to give us additional cash (Contract amendment) or fix certain issues. My buyers will waive the remainder of the option period in exchange for the sellers agreement to cash compensation or fixing immediate concern issues.

20)  After the option period is over with I tell my clients to work closely with their lender. I have already sent a copy of the contract to the lender. The title company has already had title opened by the seller as I ask the sellers to pay for the owner’s title policy.

21)  I go through all of the other items my clients need to consider such as insurance, movers, utilities, and getting organized.

22)  The afternoon before closing or the morning of closing my buyers and I go through the home as a final walk through to make sure there are no issues or new problems we all we not aware of.

23)  I review the estimated HUD 1 and walk my clients through it once it is ready. Many times we do not see the estimated HUD until we get to the title company for closing.

24)  I make sure my client understands the closing is at the title company and that they have to bring a cashier’s check or wire the money in advance for their cash portion of the closing. I also make sure they know how to get to the title company. Many times title companies are located several miles away from the Katy area where most of my business is done. Most Title companies will take a personal check up to a limit of maybe $1,000.

25)  I attend the actual closing and make sure my client understands anything that has not been covered. I let the closer explain the multiple of forms required by the lender. I have already explained to my client that possession of the home does not occur until closing is completed and the money has been funded. If there are issues, the loan may not fund until the next day and buyer has to be ready to accept that fact. I always advise to wait a least a day until they arrange for the movers to arrive.

 

I am sure there are many other things I have missed but this is as complete of list as I can write at this point in time. I know this is pretty dry and boring stuff but not everything in life is exciting. Finding a really good home at a reasonable price for my buyers is exciting to me.The order of my items does not always fit the circumstances and the whole process is like a work in process where changes are made depending on the buyers and general circumstances.

 

 

 

 


If you have any questions about houses for sale or rent in the Katy TX or

Sugarland TX, Cypress TX or surrounding areas, contact me at:


bobgilbert2003@msn.com or bob@bobgilbert.com

or visit me on my web site at

http://www.katyhomefinder.com

PRUDENTIAL ANDERSON PROPERTIES



Katy Texas Real Estate Expert


 

Read my blog at http://bobgilbertblog.com


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Published Thursday, August 16, 2012 4:39 PM by Bob Gilbert

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